Last Thursday’s signals were not triggered, as there was no bearish price action at 1.2839.
Today’s USD/CAD Signals
Risk 0.50% per trade.
Trades may only be taken before 5pm New York time today.
Long Trade 1
Long entry after the next bullish price action rejection following a first touch of 1.2774.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Short entry after the next bearish price action rejection following a first touch of 1.3050.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
USD/CAD Analysis
The price continues to rise overall, and look quite bullish, although it has not tested any key support levels for a while, so it is difficult to judge yet whether the pattern will hold.
There is no long-term trend, but there is a strongly bullish medium-term trend worth considering, especially following any bullish bounce we might get after a retracement to the nearest support level at 1.2774. There is no obvious resistance level before 1.3050, but the big psychological round number at 1.3000 is quite likely to have an impact if it is reached.
There is nothing due today concerning either the CAD or the USD.